January 2, 2020
To whom it may concern, I think it's great how you all are considering updating the definition of an accredited investor. The current definition mostly uses wealth as the determining factor and I find it to be disgusting and repulsive. As a broke person who is actively trying to become wealthy, how can I obtain wealth if you prevent me from investing in things that can make me wealthy? There is no criteria preventing poor adults from gambliing all their money away at the casino. Why should there be restrictions on that same person for investing in a startup that could make them wealthy. It's like you want the rich to keep getting richer and broke to stay broke. I'm an american and I don't mind the rich getting richer but a broke person should have the same opportunities? I think it's important for every person, no matter the content for their tax returns or the value of their bank account, to have the ability to freely invest in legitimate businesses. This will not only be good for our citizens but great for our economy because local broke entrepreneurs like myself will have the ability to raise money from their financial peers and together broke classes of people can become wealthy classes of people which will lead to more people paying taxes and prosperity for all. All that being said, I do think it's wise for people to be somewhat informed on how investments work before they invest. Therefore I propose, anyone should be able to invest, no matter how much money they have, as long as they can pass a FREE standardized test. This standardized test should be administered as early as the 7th grade and mandatory for american student to graduate high school. Thank you for your time and consideration Sincerely -Tony Sparks